ValuEngine upgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a buy rating in a research note issued to investors on Tuesday, May 29th.
A number of other research analysts have also recently commented on the company. BidaskClub upgraded Patrick Industries from a sell rating to a hold rating in a report on Saturday, May 19th. Wells Fargo & Co decreased their price objective on Patrick Industries from $75.00 to $66.00 and set a market perform rating on the stock in a report on Tuesday, April 10th. They noted that the move was a valuation call. Bank of America upped their price objective on Patrick Industries from $82.00 to $85.00 and gave the company a buy rating in a report on Thursday, March 15th. Robert W. Baird reiterated a buy rating on shares of Patrick Industries in a report on Friday, February 16th. Finally, Zacks Investment Research upgraded Patrick Industries from a hold rating to a buy rating and set a $70.00 price target on the stock in a research note on Thursday, February 15th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $74.60.
Shares of Patrick Industries stock traded up $0.20 on Tuesday, hitting $60.45. 225,400 shares of the company were exchanged, compared to its average volume of 264,744. The stock has a market cap of $1.58 billion, a P/E ratio of 19.10, a P/E/G ratio of 1.11 and a beta of 0.83. Patrick Industries has a 1-year low of $45.30 and a 1-year high of $72.35. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.01 and a quick ratio of 0.86.
Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, April 26th. The construction company reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.25. Patrick Industries had a return on equity of 25.30% and a net margin of 5.34%. The business had revenue of $551.83 million for the quarter, compared to analysts’ expectations of $477.65 million. During the same period in the previous year, the firm posted $0.92 EPS. The business’s revenue for the quarter was up 59.8% compared to the same quarter last year. research analysts expect that Patrick Industries will post 4.51 EPS for the current fiscal year.
In other news, Director M Scott Welch purchased 7,500 shares of the firm’s stock in a transaction on Friday, May 11th. The shares were bought at an average cost of $58.65 per share, for a total transaction of $439,875.00. Following the completion of the purchase, the director now directly owns 67,442 shares of the company’s stock, valued at $3,955,473.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Courtney Blosser sold 2,000 shares of the company’s stock in a transaction on Friday, March 16th. The stock was sold at an average price of $67.32, for a total value of $134,640.00. Following the sale, the insider now directly owns 41,965 shares in the company, valued at approximately $2,825,083.80. The disclosure for this sale can be found here. 5.60% of the stock is owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Patrick Industries by 3.0% during the first quarter. BlackRock Inc. now owns 3,064,351 shares of the construction company’s stock worth $189,529,000 after acquiring an additional 88,593 shares during the period. Royal Bank of Canada increased its position in shares of Patrick Industries by 12.0% during the first quarter. Royal Bank of Canada now owns 2,491,135 shares of the construction company’s stock worth $154,076,000 after acquiring an additional 267,547 shares during the period. Gendell Jeffrey L increased its position in shares of Patrick Industries by 41.2% during the fourth quarter. Gendell Jeffrey L now owns 1,232,158 shares of the construction company’s stock worth $85,573,000 after acquiring an additional 359,661 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Patrick Industries by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,020,759 shares of the construction company’s stock worth $63,134,000 after acquiring an additional 3,233 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its position in shares of Patrick Industries by 5.3% during the first quarter. State of New Jersey Common Pension Fund D now owns 600,000 shares of the construction company’s stock worth $37,111,000 after acquiring an additional 30,000 shares during the period. 93.05% of the stock is currently owned by institutional investors and hedge funds.
About Patrick Industries
Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.
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